The life expectancy in South Korea is growing, but the country appears to be ill-prepared for life after retirement.
According to the Organization for Economic Cooperation and Development (OECD) on Monday, the life expectancy for South Koreans stood at 81.3 years as of 2012, ranking 13th out of the 32 OECD member countries.
While South Koreans’ life expectancy rose sharply from 79.1 years in 2006, the ratio of South Korea’s gross domestic product to pension fund investment stood at a mere 4 percent in 2010, placing the nation in the lower ranks of the OECD.
As they lack preparations for their years later in life, many South Koreans continue to work after their retirement.
The survey found the effective retirement age for South Koreans was 71.1 years for men and 69.8 years for women, making them the second longest working seniors in the OECD.
Japan had the longest life expectancy at 83.2 years.
Mexico ranked first in life expectancy for men at 72.3 years.
Source: Busan eFM News
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